TIF-REDEVELOPMENT PROJECT COST

Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that, for redevelopment project areas designated after November 1, 1999 in municipalities with less than 1,000,000 population, modifies the formula for elementary, secondary, or unit school district's increased costs attributable to assisted housing units located within the redevelopment project area for which the developer or redeveloper receives financial assistance through an agreement with the municipality or because the municipality incurs the cost of necessary infrastructure improvements within the boundaries of the assisted housing sites necessary for the completion of that housing. Removes differences in formulation for alternate method districts, flat grant districts, and foundation districts. For school districts in a municipality with a population in excess of 1,000,000, changes the last date in which a school district is required to submit specified information to October 31 of each year (currently, September 30) and provides that municipalities shall reimburse school districts that have met specified criteria no later than January 31st of the school year in which the claim is made.